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Financial greylisting ‘worse than a downgrade’, says Sim Tshabalala

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Standard Bank’s CEO says SA’s potential financial greylisting would cause the rand to weaken, and inflation and interest rates to spike

Standard Bank CEO Sim Tshabalala says SA’s potential greylisting by the Financial Action Task Force , an intergovernmental body that assesses countries’ ability to combat illicit financial activity, would be worse than a sovereign credit downgrade.

“The consequences of being greylisted are worse than downgrading,” Tshabalala told The Clement Manyathela Show on Radio 702 on Thursday. “The rand will weaken, inflation will spike, interest rates will go up ... it will be more expensive to buy food, pay for petrol, buy homes, buy cars. The country can’t afford it.”..

 

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